- Ex-public sector employees are flocking to the crypto industry in South Korea.
- Legislators want regulation to stop the shift to the private sector.
- An exodus of personnel from the public sector has occurred in South Korea.
Cryptocurrencies have been a popular go-to alternative for traders in the market over the last several years. This is because of the large quantity of profit that the asset class may create in a short period. This is also one of the reasons why both participants and non-participants are now entering the financial market. In recent news, a South Korean politician disclosed that public office holders are leaving their professions to work in its cryptocurrency business.
Roh, a lawmaker, wants regulations to prevent companies from moving to the private sector
Several sources in Seoul claim that government contractors are handing in their resignation letters. According to the congressman, many individuals are migrating into the crypto industry to work in one capacity or another. With this, Roh Woong-Rae, a member of parliament, has asked the government to enact harsher restrictions regulating the hiring of officials who have left the public sector.
According to the legislator, one noteworthy transfer was an employee at the country’s Financial Services Commission who handed in his resignation only to join Bithump in the days after. According to Roh, there was no need to limit such work. He also stated that it was unethical for a former financial regulator official to flip sides and work for a firm under its supervision.
The public sector in South Korea is undergoing a significant transformation
South Korea assigns grades to governmental offices, with Grade 1 being assigned to the highest levels. South Korea now requires all public officials to go through an interview process before working in the private sector. According to documents, grade 4 personnel are meant to spend three years before working in the private sector.
The congressman also chastised the Fair Trade Commission, which is in charge of screening former workers, for failing to do a comprehensive study before permitting them to work in the private sector. In another example, he mentioned a recent Upbit crypto exchange employee who formerly worked for the FSS, the country’s regulatory organization.
Despite the ethics panel approving the public employee, Roh believes the officials were personally involved in implementing the regulatory framework at the private firm where he currently works. The shift to the private sector, according to Roh, is happening across the board in the government. Another example he cited was a former cop who was apprehending crypto criminals and is now working with Upbit.